Elbit Systems Upgraded to ilAAA by S&P Global Ratings Maalot
Event summary
- S&P Global Ratings Maalot upgraded Elbit Systems' long-term rating to 'ilAAA' (local scale) with a stable outlook.
- The short-term rating was reaffirmed at 'ilA-1+' (local scale).
- The upgrade was driven by improved financial ratios and strong operating performance.
- Elbit Systems reported a record-high backlog of $28.1 billion as of December 31, 2025.
The big picture
The upgrade reflects Elbit Systems' strengthened financial profile and successful execution of its long-term strategy. The defense sector is experiencing heightened demand due to global geopolitical tensions, driving increased defense budgets and record backlogs for companies like Elbit. With revenues of $7.9 billion in 2025 and a significant order backlog, Elbit is well-positioned to capitalize on these trends.
What we're watching
- Financial Discipline
- Whether Elbit Systems can sustain its disciplined financial management while continuing to invest in growth.
- Geopolitical Demand
- How the pace of geopolitical escalation will affect defense budgets and Elbit's backlog.
- Operational Execution
- The ability of Elbit Systems to maintain its strong operating performance amid evolving battlefield challenges.
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